Thursday, 20 November 2014
Last updated 3 hours ago
Dec 1 2011 | 11:44am ET
John Paulson recently apologized to his investors about his funds' awful performance this year. But at least one client has nothing to complain about.
That's because Paulson several years ago agreed to backstop any losses suffered by the 92nd Street Y, one of New York's premier cultural institutions. Paulson serves on the Y's board, and his Paulson & Co. is the Y's largest outside money manager, running more than a quarter of its $37.9 million in investments.
Paulson isn't the only Y money manager who made that deal; three others have as well, including fellow board member Curtis Schenker of Scoggin Capital Management and Eminence Capital, whose head's wife also serves on the board. But Paulson is probably the only one on the hook for as much as $4 million.
"We're certainly not ashamed of any of this," Y executive director Sol Adler told The New York Times. "This institution has particularly generous board members, including John and a number of others."
In addition to serving on the Y's board, Paulson also sent his two daughters to the institution's exclusive preschool and nursery school.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...